There are signs that the high-yield market is emerging from the summer shutdown. The past week has seen around $4.5bn of high-yield bonds issued in the US.
Power company AES upped its originally planned $500m issue to $2bn, a sign that investor demand for high-yield debt is strengthening.
And Allison Transmission issued a $550m LBO-related deal with an 11% coupon.
In a further test of the market, Bausch & Lomb will bring its $750m issue to market next week. The deal is thought to include payment-in